Part 1: 250-word discussion one refrance minimum. Explain why the ethical compon

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Part 1: 250-word discussion one refrance minimum.
Explain why the ethical component of corporate culture is a significant factor in ethical decision making. Provide an example of a company or an industry that had to alter a good, service, or business practice because of society’s concerns about its health, moral, or social impacts. This posting should be at least 250 words and contain 1 citation and reference. Part 2: 100-word response no reference required: Respond to the following:
The ethical component as we have seen in this week’s coursework undeniably plays a crucial role in ethical decision-making within organizations. It sets the tone, guides behavior and influences leadership, for starters. And it can also enhance reputation – companies with strong ethical cultures indeed tend to have better reputations, so you can argue it is in fact monetarily incentivized (provided we live in a society where reputation dictates revenue). But it also mitigates risk, as companies in this vein will mostly tend to inculcate long term thinking. Ethical cultures have a certain consideration for long-term consequences, encouraging their pursuit over short-term, potentially self-sabotaging gains. These lead to sustainable business practices, and ideally more profit (via aforementioned reputation), and therefore perhaps some standards set for others to aspire to. This in turn will also attract and retain top talent, an excellent strategy to send the company to unattainable heights through the stratosphere.
An example of this happening can be found in the tobacco industry. Societal concerns about health and social impacts have in fact forced companies to alter their products and business practices. It became standard practice to ensure all products display health warnings, that their marketing is restricted, and some modified, “light” versions be created. All in all, transparency became paramount, with other corporate and societal responsibility initiatives like public space smoking bans, smoke-free alternative products, etc.

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